Singapore legislation

Clause 18

Amendment of section 15E

Section 15E of the Banking Act is amended by deleting subsection (1) and substituting the following subsection:“(1) The Minister may serve a written notice of objection on any person referred to in section 15A or 15B if —

(a)

the Minister is satisfied that —

(i)

any condition of approval imposed on the person under section 15C has not been complied with;

(ii)

it is no longer in the national interest to allow the person to continue to be a party to the agreement or arrangement described in section 15A(3) or (4), or to continue to be a substantial shareholder, a 12% controller, a 20% controller or an indirect controller, as the case may be;

(iii)

the person has furnished any false or misleading information or document in connection with an application under section 15A or 15B; or

(iv)

he would not have granted his approval under section 15C had he been aware, at that time, of circumstances relevant to the person’s application for such approval; or

(b)

the Authority is satisfied that —

(i)

the person ceases to be a fit and proper person;

(ii)

having regard to the likely influence of the person, the designated financial institution is no longer likely to conduct its business prudently or to comply with the provisions of this Act; or

(iii)

it would not have been satisfied as to any of the matters specified in section 15C(1)(a) had it been aware, at that time, of circumstances relevant to the person’s application under section 15A or 15B.”.

Read in full context — Banking (Amendment) Bill →